Nigeria Accuses Binance of Manipulating Exchange Rates and Demands Payment of at Least $10 Billion Fine

Nigeria Accuses Binance of Manipulating Exchange Rates and Demands Payment of at Least $10 Billion Fine

Nigeria Accuses Binance of Manipulating Exchange Rates and Demands Payment of at Least $10 Billion Fine

According to a report by BBC, Bayo Onanuga, spokesperson for Nigerian President Bola Tinubu, stated in an interview that Binance has influenced the foreign exchange rate of the Nigerian Naira through speculation, resulting in a depreciation of nearly 70% in recent months. Bayo Onanuga stated that Nigeria believes Binance’s actions have had a significant impact on the country’s economy and is therefore demanding a fine of at least $10 billion from Binance. In addition, multiple reports indicate that Nigeria has launched an investigation into Binance and that senior Binance executives have been detained by the Nigerian government earlier this week. Zakari Mijinyawa, the spokesperson for the Nigerian National Security Office of Strategic Communication, stated to “Premium Times”.